Traditional banking, checking accounts, and credit cards are outdated…at least if you ask a Millennial. A report released this month by The Center for Generational Kinetics and Global Cash Card found that 5 million Millennials don’t even have a checking account. The main reason? They don’t trust banks.
But according to a recent article in American Banker, Millennials’ reluctance to forge relationships with banks does not mean banks are doomed forever. They will have to face the challenge of balancing keeping their older customers happy with traditional banking methods with introducing new online-friendly features for the mobile-based Millennial generation…as well as the generation after Millennials.
Millennials still very much rely on the personal touch of banking, but they will no doubt judge a bank on the basis of its digital capabilities.